Abraaj CEO Granted Bail For $20m, Gave PM Khan’s Number To Police Upon Arrest
Abraaj CEO Arif Naqvi was granted conditional bail of $20 million after a London judge dismissed prosecutors’ bid to keep him in custody.
Upon arrest in the United Kingdom, Naqvi had provided a list of phone numbers to the police to contact if necessary. Among the numbers of those Naqvi listed were Prime Minister Imran Khan’s and President Arif Alvi’s.
Naqvi’s bond amount is the largest ever ordered in UK’s history. During his bail, Arif Naqvi must surrender his travel documents, wear an electronic device and stay in his London home. Prosecutor Rachel Kapila said she was ‘not persuaded’ that ‘there’s a real risk’ that Naqvi would fail to surrender to authorities.
Arif Naqvi, a former Pakistani bureaucrat, was arrested in the United Kingdom while managing partner Mustafa Abdel-Wadood was arrested in New York on Thursday, Assistant US Attorney Andrea Griswold said at a hearing in Manhattan federal court.
Abdel-Wadood appeared before the court last month for the first hearing and pleaded not guilty. His lawyer did not immediately request bail for his client saying that he needed more time to study the case.
US Attorney Griswold said that the US would want to have Naqvi extradited. Both Naqvi and Abdel-Wadood are charged with fraud and conspiracy.
Abraaj had been the largest buyout fund in the Middle East and North Africa. It collapsed in May after investors including the Bill and Melinda Gates Foundation raised concerned over the firm’s management of $1billion health funds.